Home Business China Banking Association Liu Feng: Strengthen Fintech Governance and Firmly Hold the Risk Bottom Line

China Banking Association Liu Feng: Strengthen Fintech Governance and Firmly Hold the Risk Bottom Line

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  Bank of ChinaLiu Feng, Deputy Secretary of the Party Committee and Secretary-General of the Industry Association, stated at the Sixth New Finance Forum on January 9th,BankThe industry responds to the times and continuously increases its investment in financial technology. From strategic planning, organizational structure, business processes, data governance, talent structure, etc., comprehensively promote digital transformation, and evolve towards online, digital, and intelligent.BankThe value chain of China has also moved from closed to open, and the level of financial services and operating efficiency have been significantly improved.

The first is to clarify the goals of digital transformation and comprehensively upgrade the digital capabilities; the second is to evolve to the entire chain of financial services to create digital service capabilities that are compatible with the digital economy and digital society; the third is to build an intelligent, platform-based, and scenario-based operating ecosystem. Activate new momentum for digital management.

Feng Liu said that through planning and formulating digital transformation strategies and implementation paths, the application of financial technology and the exploration of new models will be carried out steadily.BankThe digital transformation of the industry has achieved initial results. However, there are still some problems in the process of digital transformation.

For example, the direction of digital transformation is not clear; data governance defects are obvious; there is a shortage of professional talents; business concepts and management systems are stagnant; and the ability to manage new risks is insufficient. “In the future, in the process of in-depth advancement of the digitalization of the banking industry, it is also necessary to address these problems in a targeted manner and in accordance with local conditions.” Liu Feng said.

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The first is to strengthen financial technology governance and firmly hold the bottom line of risk. Banking institutions should abide by the two principles of financial services to the real economy and the bottom line of risks: on the one hand, adhere to the correct value orientation, follow the basic laws of financial development, and fulfill their bounden duty to serve the real economy; on the other hand, handle the relationship between financial development and financial security. Pay close attention to the trend of business transformation, be highly sensitive to new situations and new problems in the market, and gradually establish a more scientific, accurate and effective risk management system that adapts to the new situation and new business formats with the help of scientific and technological means to ensure The risks are “clearly visible” and “manageable”.

The second is to make efforts to complement the shortcomings of data governance and comprehensively strengthen data capacity building. The banking industry is a typical data-driven industry. In the era of the digital economy, it is imperative to comprehensively strengthen the building of data capabilities, and the importance of data governance as a basic work has become more prominent. Banking institutions should strengthen the concept of data assets, deepen the application of data resources, and establish a data governance system with a sound organizational structure and clear responsibility boundaries. At the same time, promote the orderly sharing and comprehensive application of data under the premise of ensuring security and privacy, and actively explore data confirmation And the distribution of the benefits of data elements.

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In addition, in accordance with the personal information protection law, data security law, network data security management regulations (draft for comments) and other laws and regulations, and the requirements of the regulatory authorities, the professional ethics of using data according to regulations and scientific data should be strictly followed, and comply with laws and regulations. Collect, manage, use, and transfer data; at the same time, strengthen data security management, establish a long-term data security mechanism, improve data security technology, and effectively protect customer privacy and data security.

The third is to build a future-oriented complex digital talent echelon. Digital talents are a vital role in the digital transformation of the banking industry. Banking institutions should do a solid job in cultivating financial technology talents, actively build a team of interdisciplinary professionals that match digital transformation, and combine internal training with external introduction through the establishment of a long-term High-quality digital talents who understand banking business and management, and master new technology, new technology, and new thinking.

(Article source: ShanghaiSecuritiesNewspaper)

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